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194 Cards in this Set
- Front
- Back
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Four types of unemployment |
FrictionalStructuralCyclicalSeasonal
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Sources of capital
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Personal SavingsRelativesFormer employeesBanks and finance companiesGovernment agenciesAngel InvestorsVenture Capitalists
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3 Major indicators of economic health
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Gross domestic productUnemployment RatePrice indexes
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4 Degrees of competition
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Perfect competitionMonopolistic competitionOligopolyMonopoly
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Benefits of socialism
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Social equalityFree educationFree healthcareFree childcareLonger vacationsShorter work weeksGenerous sick leave
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4 Phases of long-term business cycles
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BoomRecessionDepressionRecovery
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4 Forces affecting trading in global markets
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Socio-culturalEconomic and financialLegal and regulatoryphysical and enviromental
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Reasons to manage ethically
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Maintain a good reputationKeep existing customersAttract new customersAvoid lawsuitsReduce employee turnoverAvoid government interventionPlease customers, employees, societyIt's the right thing to do
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4 Groups that compromise the stakeholders to whom businesses are responsible
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CustomersInvestorsEmployeesSociety and enviroment
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Government can promote businesses by
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Minimizing spending and keeping taxes and regulations to a minimumAllowing private ownership of businessMinimizing interference with the free exchange of goods and servicesPassing laws that enable business people to write enforceable contractsEstablishing a currency that's tradable in world marketsMinimizing corruption
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5 factors of production
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LandLaborCapitalEntrepreneurshipKnowledge
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Taxes are used to provide
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HospitalsSchoolsLibrariesPlaygroundsRoadsFire & police protectionEnvironmental programsSupport for people in need
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4 Basic Rights of a free market system
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Right to own private propertyRight to own business and keep profitRight to freedom of competitionRight to freedom of choice
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4 Functions of Management
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PlanningOrganizingLeadingControlling
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Mission statements must include
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The organizations self-conceptIt's philosophyLong-term survival needsCustomer needsSocial responsibilityNature of the product or service
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Forms of planning
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Strategic- setting of broad, long-range goals by top managersTactical- identification of specific, short-range objectives by lower-level managersContingency- Backup plans in case primary plans failOperational- setting of work standards and schedules
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A trade surplus occurs when
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The value of a country's exports exceeds the value of its imports
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Three ways to go into business for yourself are to start a business from scratch, buy an existing business, and
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Purchase a franchise
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At the federal level, small businesses can apply for loans backed by the
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Small business administration
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Mars Inc., the maker of M&M's and other candy is 100% owned by the Mars family. This is an example of a
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Private corporation
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In 1999, Glaxo Wellcome and Smithkline Beecham joined to for GlaxoSmithKline. This is an example of a
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Merger
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General Electric invested in $1.5 billion into a research project to reduce greenhouse emissions and improve efficiency by 30%. This would be an example of a ____________ approach to CSR
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proactive
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In 1994, the U.S., Canada, and Mexico formed a powerful trading bloc knows as
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North American Free Trade Agreement (NAFTA)
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All of the following would be traits of a professionalism EXCEPT
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Ethical lapses
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Developing relationships with potential customers, designing promotional strategies, analyzing customer needs, and establishing after-purchase support would fall under the _________ function of a business
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Sales and marketing
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Institutional investors would include all of the following EXCEPT
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Individuals
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In nearly all U.S. cities, there is only one provider of electric power in a given geographic area. This is an example of what type of competitor?
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Monopoly
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Matt has a small landscaping business and mows lawns and trims bushes for several families in the neighborhood. Matt has what type of business?
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Service business
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An organization that seeks to operate efficiently and effectively to achieve its goals without a profit motive is a
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Not-for-profit organization
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An increase in global trade will
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increase global competition
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The number of businesses owned by Hispanics and Asians has
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Significantly increased
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Which of the following statements describes a recurring theme about today's ecological environment?
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There is a strong push by customers that businesses develop products and services that clearly save energy
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Empowerment means
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giving employees the authority to make decisions
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Health care, insurance, recreation, and other intangible products are provided by the
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service industry
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Which of the following best describes the main difference between the B2B and B2C transactions? B2B transactions
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involve transactions where the buyers and sellers are both businesses, while B2C involves transactions between businesses and consumers.
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Starting a business always involves
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risk
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In order to create more wealth and provide better services, some nations recognize that
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a good strategy is to minimize interference with the free exchange of goods and services
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World-class businesses attempt to meet the needs of
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all of their stakeholders
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When corruption is present in the business environment,
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company leaders can threaten competitors and minimize competition
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Jenna Leigh is an information savvy, 20-something person who is trying to select between 2 marketing job offers. She can either join a company that makes small hammers and screwdrivers for the do-it yourself hardware store business, or she can join a company developing the fourth generation cell phone service. She is quite impressed that the hardware business is growing quite nicely in China, Mexico, and India where people are starting to expand their living spaces. She is also aware of
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An information-based global revolution that might make her career at a telecommunications company more lucrative in the long run
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Airline companies around the world are experiencing increased costs in part due to
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the threat of terrorism
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_________ means producing items using the least amount of resources.
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Efficiency
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Adam Ripley sells custom bicycles. Adam buys several bike parts, including wheels and tires, and from the Good Treads Company. Although several government-supported regulations help Adam in his business, regulations that make it easy for Adam's business to enjoy good vendor relationships are
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laws that support enforceable contracts between firms
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The immigrant population (both legal and illegal) is having a dramatic effect on
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schools, hospitals, and other service type industries
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Businesses collect ________ information on where people live, what they buy, and how they spend their time.
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Demographic
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It was 8:00 a.m. on a Saturday morning, Liz just learned that her well-meaning cousins were heading over to help her unpack her household. She had just moved back to Chicago from the West coast. Were they really planning to work, or were they expecting brunch? A bagel and pastry shop was just up the road. She would call in a food order. When she arrived to pick it up, it was not what she ordered. The store associate quickly made it right, and offered an extra dozen bagels to make up for the mistake. There was no need to check with the supervisor, as the employee was _______ to make decisions that translate into good customer service.
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Empowered
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Nolivia is a small and poor nation, but its current president has a genuine desire to create more wealth for Nolivia citizens. The president has received recommendations from several of her advisors. Which of the following recommendations is likely to create more wealth for Nolivia?
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Establish a business environment that promotes and rewards entrepreneurship.
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________ is the study of how to increase resources and to create conditions that will make better use of those resources.
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Resource development
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The foundation of the U.S. economic system is considered to be
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capitalism
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Adam Smith's theory of the "invisible hand" means that
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through working for their own prosperity, people will actually help the economy grow and prosper
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One of the problems with ________ is that it naturally leads to unequal distribution of wealth.
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capitalism
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Willie Hayes owns his own landscaping business, including all the land on which they grow they grow their nursery plants, and all the equipment. Willie's son Josh has just graduated from college with an architectural landscaping degree. Willie hopes to retire in a few years and turn the business over to Josh, and Josh will inherit the business when Willie dies. This is an example of ______ in capitalist system.
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The right to private property
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Typically, the quantity of products that manufacturers are willing to supply will _______ when prices _______.
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increase/increase
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One holiday season a few years ago, there was a toy called Tickle My Elbow that was all the rage. Demand for this toy was so high that stores couldn't keep them on the shelf! There was quite a shortage of Tickle My Elbow that year. When a shortage such as this exists, what generally happens?
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The price goes up
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An _________ shows the amount of people are willing to buy at the prices at which sellers are willing to sell.
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Equilibrium point
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What's going on here? As soon as Dewey Cheatum and Howe Motors increases the prices on their sports utility vehicle, then so does their only competitor, You Betcha Motors! Their prices are basically the same for similar vehicles, although their advertising says their products are really different. What kind of competition exists here?
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Oligopoly
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Citizens of socialist nations can rely on the government to provide all of the following except
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money to start a business
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Socialist systems tend to
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discourage the best from working as hard as they can
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What kind of system exists when the government largely determines what goods and services get produced, who gets them and how the economy grows?
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Communist economy
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For the last several years, the country of Amerensk has been moving from a communist country to a more mixed economic system. Which of the following most likely would NOT occur in Amerensk?
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An increase in the level of government involvement in trade
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In terms of economic systems, the trend has been for
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countries that are mostly capitalist to move toward more socialism
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Which of the following would not be considered a key economic indicator?
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The tax rate
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Juan Valdez was laid off from his job at the coffee factory, because the demand for coffee has weakened. The kind of unemployment Juan is experiencing would be
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cyclical
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When the economy in the U.S. began to slow, price increases, while still measurable, began to slow. This situation is known as
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disinflation
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Which of the following won't occur during a recession?
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Increase in interest rates
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The nation of Flnlandia is experiencing an economic crisis. The country has seen prices rise with increases in the price of oil and petroleum related products. At the same time, many businesses are experiencing profit problems because of the rising prices, and have begun to lay people off in order to cut costs. So, unemployment is rising. Finlandia is experiencing
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a period of stagflation
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Fiscal policy is at issue when
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Congress debates a proposal to cut defense spending, and raising taxes to support spending for education
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Which of the following is not a part of the business cycles that occur in economics over time?
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Structural unemployment
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When President Barack Obama was elected, the economy of the U.S. was in trouble, and had slid in a recession. Consumer spending was low and getting worse. In an effort to stop the decline, President Obama proposed an economic stimulus package which included government spending on roads, bridges, schools among other things, and a tax cut that each U.S. worker would see in their paycheck. Apparently, President Obama was a proponent of
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Keynesian economic theory
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The sum of all the federal deficits over time is known as the
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national debt
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In a free market economic system, the mechanism of _______ is the key determinant used to signal to producers what to produce and how much to produce.
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Price
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Which of the following would be a topic emphasized in a microeconomics class?
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How market conditions determine the price of a specific product
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Ben recently lost his job at a major U.S. auto plant in one of the rust belt states. After looking unsuccessfully for work in a similar industry for several months, he plans to start interviewing with road and bridge repair companies. He speculates that if the government begins to contract with companies that repair highways and bridges, he may find steady work, at least in the short term. Which of the following statements best describes the strategy behind his thoughts?
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By increasing government spending through road and bridge repair and construction, the government will intervene in the free-market economic system to help jump-start a week economy
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The _______ is a statistic used to compute the pace of inflation or deflation.
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consumer price index
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On average, what percentage of the GDP does the U.S. government collect through taxes?
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28.2%
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Which of the following statements about the Federal Reserve Bank (the Fed) is most accurate?
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The Fed manages the U.S. money supply and interest rates
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As the term "global" becomes "local", and as we see more opportunities to compete in the global market,
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the long-term trend is for most nations to operate as mixed economies.
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_______ in the service sector has not shown the significant improvement that it has in the manufacturing sector. There are significant advances in the quality of service, but workers in this sector are unable to increase the number of persons served in a given time period.
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Productivity
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Which of the following people would tend to favor a socialist economy?
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Fred prefers to live a country that promotes social equality
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A major trend in the world today is that
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Free-market economies are moving more toward socialism and socialist economies are moving more toward capitalism.
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In recent years, countries with communist economic and political systems have
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Experienced severe economic depression
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Which of the following statements would a follower of Adam Smith be most likely to make?
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If people are given the freedom to follow their own interests, theoretically their efforts will lead to economic growth that benefits society as a whole
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The National Coalition on Healthcare Reform reports that nearly 18% of the U.S. population under the age of 65 is without healthcare. If this advocacy group succeeds in convincing the current administration and Congress to vote for basic healthcare for everyone, which of the following is likely to occur?
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Higher taxes than in past years
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The market price of apples is currently rising. In a free-market economy, the most likely explanation of this price change is that
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There is a shortage in the market for apples
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Neo-Malthusians (followers of Thomas Malthus) believe that the solution to poverty is
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birth control
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Which of the following statements about business cycles in the U.S. is most accurate?
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Seasonal business cycles occur within a year
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When the market price of a good is below the equilibrium price, and all other determinants are unchanged,
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the quantity demanded will exceed the quantity supplied
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Buying products produced in another country is known as
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importing
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All of the following are reasons for countries to participate in foreign trade EXCEPT
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it is jut as easy to start a business overseas as it is in the U.S.
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Many clothing items sold in the U.S. are imported from Asia because workers there can produce the items more efficiently than we can in the U.S. This is an example of
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comparative advantage theory
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When the value of exports from a country exceeds the value of imports into that county, there is a
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favorable balance of trade
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The difference between money coming into a country from exports and money leaving a country due to imports, plus money flows from other factors, is known as the
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balance of payments
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The U.S. exports
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a greater volume than other countries, but a lower percentage of our products
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In global trade, the term "dumping" refers to
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the practice of selling products in a foreign country at lower prices than those charged in the producing country
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In recent years the Nestle Company has acquired several U.S. firms, such as Carnation. Carnation now operates in the U.S. as a
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subsidiary
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Coke and Pepsi often enter foreign markets by allowing a foreign manufacturer to use their trademark and pay them (Coke or Pepsi) a royalty for that right. This is an example of
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licensing
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In franchising to foreign markets, companies such as McDonald's and KFC have had to
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be careful to adapt to the countries they are attempting to enter
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Multinational corporations
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are typically extremely large corporations
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Americans are often being accused of ethnocentricity. This means that
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Americans feel their culture is superior to others
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Guillermo Martinez was concerned that his new boss Donald Durr didn't know his job very well. Donald is continually asking Guillermo and other workers in the company's plant in Mexico City to give him their opinions before he makes a final decision. Guillermo's concern stems from _____ differences between Donald and him.
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cultural
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The makers of Whirlpool washers and other electrical appliance manufacturers need to be concerned about the kind and availability of electricity in the global marketplace. If there were a compatibility problem, it would be the result of a ________ difference.
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technological
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The law that specifically prohibits "questionable" or "dubious" payments to foreign officials in an effort to secure business contracts is called the
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Foreign Corrupt Practices Act
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A low value of the dollar would mean
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a dollar could be traded for less foreign currency than normal
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When Mexico devalued the peso, the peso became _______ valuable relative to other currencies.
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less
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Using government regulations to limit the import of goods and services is called
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trade protectionism
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When the Vietnamese government imposes a tax on imported electronics products to help their relatively young electronics industry compete in the global marketplace, a _________ is being levied
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protective tariff
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The EU is an example of a trading bloc, or a _____, which has a common external tariff, no internal tariffs, and the coordination of laws to facilitate trade between member countries.
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Common market
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The ________ is assigned the task of mediating trade disputes.
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WTO
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NAFTA has
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greatly increased trade flows between the member nations
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There are those who hope that the _____ is a stepping stone to the creation of a Free Trade Area of the Americas. The agreement is between the U.S. and several Central American countries.
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CAFTA
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Which of the following is not considered to be a concern when evaluating trade with China?
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A shrinking market
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The term "China price" means
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the lowest price possible
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Which of these actions is least likely to restore the trust of the American public in the free market system?
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Define the concept of ethics more narrowly, and make the definition closer to the definition of legality
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The difference between ethics and legality is that
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Legality is narrower than ethics and refers to laws written to protect ourselves
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According to the text, ethical behavior begins with
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you and me
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The most basic step in an ethics based management system is asking the question
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Is it legal?
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Which of the following is the best reason for a business to be managed ethically?
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An ethically managed business can reduce employee turnover
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Organizational ethics begin
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at the top level of management
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Which of the following is not part of an integrity-based ethics code?
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emphasizes penalizing of wrong-doing
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According to the text, which of the following actions is probably most critical in establishing an effective ethics program?
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The ethics code must be enforced with timely action if any rules are broken
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A logistics company, TNT keeps an emergency response team on standby to go anywhere in the world at 48 hours notice. This is an example of
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corporate social initiatives
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Defenders of corporate social responsibility (CSR) believe
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businesses owe their existence to the societies they serve
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Being energy conscious, ensuring that employees have a safe working environment, and monitoring corporate hiring policies to prevent discrimination is part of
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corporate responsibility
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In terms of social responsibility, many people believe that
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it makes financial and moral sense to invest in companies that plan ahead to create a better environment
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In terms of social responsibility, the "contented cow" idea states that
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companies that treat employees with respect will make a difference in the bottom line
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Maria Hernandez is a secretary at Big Bud's Brewery a major U.S. brewer of specialty beers. Maria was at lunch with her friend Olga, who is the Administrative Assistant to the president of the Brewery, January Flower. Olga mentioned that she overheard her boss talking to a potential buyer of Big Bud's Brewery. Maria began thinking that perhaps she should buy some extra stock in the company, as the price was most likely to go up if the company was going to be sold. If Maria does buy the stock before the sale of big Bud's is publicly announced, she
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could be accused of insider trading
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Which of the following is not one of the watchdog groups that evaluate how well companies enforce their ethical and social responsibility policies?
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Employees
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Government and business leaders are being held to
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higher ethical standards than in the past
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American businesses are
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demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human rights issues
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Business relationships often present ethical dilemmas that are
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not easily resolved
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Sharon, a CPA for a large firm noticed that the company's accounting records drastically overstated the amount of inventory on hand, which led to overstating the assets of the firm. Initially, she brought it to the attention of her supervisor , but when nothing was done to correct the mistake in a timely manner; she decided the best course of action was to report it to the appropriate government official. Although her actions took her outside the company, she was counting on current law, under the ___ to protect her against company retaliation.
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Sarbanes-Oxley Act
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Which of the following would be a unique focus of an integrity-based ethics code?
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Shared accountability among employees
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Creating competition between employees within the corporation:
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can encourage employees to deceive customers
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Which of the following indicates that U.S. businesses are demanding socially responsible behavior from their international suppliers?
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The decision of Phillips-Van Heusen to cancel orders from suppliers that violate its ethics code
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_______ refers to standards of moral behavior
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Ethics
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A whistleblower is a person who
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reports illegal or unethical behavior in the corporation
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A social audit
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is a company report that measures the firm's social contributions inside and outside of the firm
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The first step when facing an ethical dilemma is to ask
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Is it legal?
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Entrepreneurs take the risk of starting a business for all of the following reasons except:
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they want to work less
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Steve Jacobie is an entrepreneur to the max. Steve has started three businesses, two of which he sold for a great deal of money. He is now involved in running his third business, with plans to sell it shortly and start yet another one. When commenting on his success as an entrepreneur , he says that once an idea comes to him, he just can't wait to start working on it and bring it to reality, and that is what he focuses on. Which of the following traits of a successful entrepreneur does this suggest is a characteristic of Steve?
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Action-oriented
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An entrepreneurial team is
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a group of experienced people who join together to develop and market a new product
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Federico Romero is a business owner who works from home as a freelance video producer. He really enjoys his work, but isn't looking to "set the world on fire" with his company. He just wants to make a good living and spend time with his family when he can. Federico would be classified as a
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micropreneur
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An incubator is
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A center that offers new businesses low-cost offices with basic business services
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Which of the following is among the challenges faced by those with home based businesses?
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Managing time
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Affiliate marketing is
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an internet-based marketing strategy in which a business rewards individuals or other businesses for sending visitors to their website
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Which of the following is a false statement about small business?
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The first job for most Americans will probably not be in a small business
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A small business
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is considered small relative to other businesses in its industry
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Miriam Njunge wants to start a small business importing some products from her native Kenya. Before she starts, some good advice to Miriam would be
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talk to others who have been or are in the import business
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In measuring the value of a small firm, which of the following would not be included?
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What products the business sells globally
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The primary concerns when first starting your business are
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financing and planning
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A business plan for a new business does not need to include
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the name of the lending bank
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What are the primary sources of funding for entrepreneurs?
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Personal savings and individual investors
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For a market to exist there must be potential buyers
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who have a willingness and the resources to buy
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According to the text, one of the drawbacks of using venture capital is that
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venture capital firms may ask for a stake in your business
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Small business owners often say that the most important assistance they need is in
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accounting
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SCORE is
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An SBA service with 13,000 volunteers who provide counseling services for small businesses free, except for expenses
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Small businesses have an advantage over large business in international trade in all these ways except
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their prices are usually lower
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There are many reasons why small business owners don't go international. Which of the following is not one of those reasons?
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The market doesn't have great potential
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Managers today
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emphasize teamwork and cooperation, and act as coaches, rather than "bosses"
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The financial crisis of 2008-2009 created problems for companies because
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managers had to cut jobs and lay off many workers
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Kajori is a manager for a small software firm. This week, Kajori is focusing on researching some new applications in the computer industry that could present opportunities for her firm. Kajori is involved in the _____ function of management.
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Planning
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"We believe in creating loyal customers by providing a superior experiences at a great value. We are committed to direct relationships, providing the best products and services based on standards-based technology, and outperforming the competition with value and a superior customer experience." This statement is part of Dell's
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mission statement
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H. Ameneggs is working on a project to determine his company's strengths and weaknesses by looking at the economy, technology, the competition, social, and other changes that are affecting his firm. He is looking to identify some opportunities his company can take advantage of in the new economy. H. is also concerned about some things he has identified that inhibit his company's growth. H. is working on
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a SWOT analysis
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An _____ is a specific short-term statement detailing how to achieve _______
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objective/goal
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Maria Mainini is in the middle of setting her plan for the next year. She knows the company has the goal of increasing market share in the Northeast, so she has developed a plan for expanding the advertising budget for the next year and adding at least one more sales person to cover the larger territories. Maria is involved in
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tactical planning
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Which of the following employees of the local hardware store, Hammerhead, would most likely be involved in strategic planning?
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Elliot Nessy- President & CEO
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Which of the following is not part of the seven Ds of decision making?
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Determine if the alternatives are possible
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In the process of problem solving, managers sometimes use the technique of ____, which involves listing all the minuses of a solution in one column, all the plusses in another, and the implications in a third.
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PMI
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General managers, division managers, plant managers, and college deans are all a part of
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middle management
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Harold is a supervisor in a small automotive shop. He spends a lot of his time training some workers, while helping others solve some of the problems they have in doing their jobs. He also runs the diagnostic machine. Harold spends time on
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technical skills
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Which of the following is a false statement?
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General consensus is that larger companies are more responsive to customer needs than smaller companies.
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The management function of ____ includes hiring, motivating and retaining the best people to accomplish the company's objectives.
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Staffing
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Which of the following is not characteristic of a leader?
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A leader has a vision and rallies others around the vision
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When a manager uses democratic leadership, he or she will
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work with employees to make decisions together
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At Schwinn, the bicycle manufacturer, managers of the various new departments were told, "Go out and shape the department the way you want. you have total freedom." That is an example of
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free rein leadership
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The first step in developing a knowledge management system is
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determine what knowledge is most important
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Measuring performance relative to objectives and standards is part of
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controlling
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Which step in the control process is considered to be the weakest?
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Setting clear standards
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Which of the following statements is stated most effectively as a control standard?
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Increase sales of our top end product from 2000 in the first quarter to 3000 during the same period by the year 2010.
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Justin's favorite part of Intro to Business class was marketing. As he brainstorms about starting a car detailing business, he recalls that it is important to
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analyze the market before making the service available
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Increased participation in small business exporting owes credit to
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technological advances such as the Internet and PayPal for safely fulfilling orders
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John, James, and Frank wanted to open J2F Sports Bar that offers unique brands of beer, weekend entertainment, and a limited menu. in one of the preliminary meetings, James presented a list of reasons that small businesses fail. Although many of the ideas on this list were applicable to many types of business, one challenge pertained specifically to the restaurant and bar business. The challenge he referred to was
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Some of the easiest businesses to start have the least growth and greatest failure rate
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Greg benefited from his experience working for an established private company that provided innovative lighting for large music venues. Although confident that he could start his own lighting business, he had limited capital to buy the necessary equipment needed to successfully compete with established companies. Which of the following strategies would best help Greg achieve his goal of business ownership?
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Begin by offering to take over management of his employer's business, allowing the owner to enjoy some leisure time
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Successful entrepreneurial teams
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bring a variety of talent to the business venture
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Bing came to the U.S. on a swimming scholarship. After a few months of frustration with trying to find swim goggles like he used in his native country, he started a web site that offered specialty goggles for swimming, skiing, and snowboarding. Before launching the website and filling orders, Bing spent a few months going to swim meets and gathering preferences about goggles from other swimmers. Bing's actions
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Demonstrated his need to better understand the market
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For the past 25 years, state and city governments have promoted facilities where new businesses can open up shop and share common services such as secretarial, accounting, and legal services. Due to their remarkable success rate, ______ continue to grown in popularity
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incubators
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One of the challenges of running a home-based business is
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keeping work and family tasks separate
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Yesterday on Facebook, one of Pam's friends suggested that she spread the word about Mia Bella Boutique, an online company that designs hats and shoes. If Pam's efforts generate 25 more people to spread the word, Pam will receive 30% off her order. Mia Bella is utilizing ___, an effective strategy for increasing awareness and market share for web-based businesses
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Affiliate marketing
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Small businesses create about ____ percent of the new jobs in the U.S.
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60-80
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Successful small business owners are
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valuable sources for information since you can learn from their experiences
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Bankers and potential investors are likely to read
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the executive summary
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The Small Business Administration's microloan program awards loans to entrepreneurs based primarily on their
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integrity and sound business idea
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One way to get into business is to buy an existing company. The value of the business used to determine a fair purchase price is based on
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the value of what the business owns, what it earns, and what makes it unique
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Which of the following statements accurately depicts an advantage that small business has over big business?
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A small business can maneuver and change quicker than most large businesses can. It can react to market conditions and customer concerns much faster.
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